Power City directors share €3m dividend despite profit decline

The directors of the family-owned consumer and electrical goods retailer Power City shared a €3 million dividend once again last year, newly filed accounts show.

The payout came despite the company reporting a slight decline in both profits and revenues in the 12 months to the end of September 2017.

Power City, which operates 11 stores in the Republic, is controlled by the family of Wicklow-based businessman Liam McKenna.

It recorded pretax profits of €5.3 million last year as against €5.9 million a year earlier. The dip in profits came as turnover fell to €85.4 million from €87.3 million.

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The company's shareholders, who are named as John Doyle, Liam T McKenna, Dermot McKenna, Aidan McKenna, Sinéad McKenna and Joseph Kelly, shared a €3 million dividend as in previous years.

Shareholders’ funds totalled €94.9 million at year-end, versus €91.9 million in 2016.

Power City, whose main competitors include DID Electrical, Harvey Norman and Currys, operates 11 branches in Ireland at Tallaght, Sallynoggin, Blanchardstown, Finglas, Coolock, Fonthill, Bray, Drogheda, Naas, Swords and Carrickmines. The Swords store opened last August at Airside.

Company headcount rose to 250 from 238 with staff costs increasing to €7.8 million from €7.5 million.

Directors’ remuneration totalled €725,000 last year, down from €804,000 in 2016.